Bell Partners Buys Another Atlanta Community
Bell Partners has acquired a luxury asset in Atlanta. The firm is off to a strong start in 2014 with $150 million in investments so far.
By Dees Stribling, Contributing Writer
Atlanta—Bell Partners has acquired Heights at Stillhouse, a 302-unit apartment property in northwest Atlanta. The company is changing the name of the complex to Bell Vinings.
Bell Vinings is close to the future site of the new Atlanta Braves stadium and about two miles from another Bell property, Bell Windy Ridge. Though Bell didn’t specify the purchase price for this latest acquisition, the company has been quite active in acquiring multifamily properties recently, spending about $150 million for assets in 2014 so far, including the Bell Vinings deal.
The property consists of two buildings, include one wrap-style building containing 212 units and one podium-style building containing 90 units. The unit mix consists of one-, two-, and three-bedroom apartments, with an average size of 1,085 square feet.
The property is also LEED Silver Certified, with Energy Star dishwashers/refrigerators; high- efficiency lavatory faucets, toilets, and heat pumps; drought tolerant turf grass; and a specialized irrigation system. Each of the two buildings contains its own set of amenities, including resort-style saltwater pools, courtyards with fire pits, outdoor grilling stations, business centers, and resident lounges.
Atlanta is one of the healthier apartment markets in the country. According to MPF Research, occupancy was 93 percent at the end of 2013, the highest level in about six years. The research company expects rents to grow 3.4 percent marketwide this year, despite a strong pace of new apartment construction.
